UK. The government will submit a bill defining the procedure for the use of stablecoins as a means of payment. The plan is to explore measures to make the UK tax system more competitive for cryptocurrencies and to launch a market infrastructure sandbox for digital firms in 2023.
France. The central bank announced the second phase of the wholesale digital euro project this year. It is expected that four or five new experiments will be launched. The Eurosystem is considering the scope and design of the euro central bank digital currency (CBDC).
Andorra. Regulators are preparing to introduce a bill to regulate digital assets. The law forms the basis for the future launch of public tokens, as well as for the regulation of private digital assets. The possibility of holding the country’s reserve in BTC is also being considered.
USA. California can soon accept cryptocurrency donations to state and local campaigns. All donations should be non-anonymous and immediately converted to the U.S. dollars.
Russia. The President signed a law banning payment for goods and services with digital financial assets (DFAs). On July 6, the document was adopted by the State Duma. The bill effectively makes it illegal to use DFAs for payment in cases not allowed by federal law.
Singapore. The Monetary Authority of Singapore (MAS) plans to tighten consumer protection measures in addition to its ongoing work against money laundering and terrorist financing. MAS intends to clarify the proposed measures in the next few months.
Taiwan. Buying virtual asset services with a credit card is now prohibited in the country.
Credit card issuers have been given 3 months to comply with the law. After that, an independent audit unit will estimate their compliance.
South Korea. The implementation of 20% taxes on crypto earnings has been postponed to 2025. The initial plan to levy an additional 20% tax on cryptocurrency income, that exceeds KRW 2.5 million ($1,900) in one year, was not changed.
- Haig, S. “U.K. Government Takes Step on Making Stablecoins a Form of Payment”, The Defiant, July 20, 2022
- Andersen, D. “French central bank head announces Phase 2 of wholesale digital euro project”, CoinTelegraph, July 12, 2022
- Passerlay, W. “Andorra’s ‘Digital Assets Bill’ to regulate digital assets and create CBDC”, CoinGeek, July 22, 2022
- Irwin, K. “California Ends Ban on Bitcoin and Other Crypto Donations to Political Campaigns”, Decrypt, July 22, 2022
- Sapozhnikov, A. “Putin banned the acceptance of digital financials as means of payment”, Kommersant, July 14, 2022
- Dobberstein, L. “Singapore distances itself from local crypto companies”, The Register, July 20, 2022
- Liu, B. “Taiwan Bans Crypto Purchases Using Credit Cards”, Blockworks, July 22, 2022
- Handagama, S. “South Korea Postpones 20% Crypto Tax to 2025”, CoinDesk, July 21, 2022